Paris, 2 May 2018

CNP Assurances has today published its Solvency and Financial Condition Reports (SFCRs) in French, as required by the regulations. These 2017 reports were approved by CNP Assurances’ Board of Directors at its meeting on 27 April 2018. The English-language versions of these reports will soon be available online.

The SFCR is a narrative report intended for public disclosure that insurance undertakings have been required to prepare annually since 2016 in application of the Solvency II directive. Two reports have been prepared:

  • a group SFCR providing consolidated information for CNP Assurances SA and its main French and international subsidiaries
  • a solo SFCR providing information for CNP Assurances SA only, without consolidating the operations of its subsidiaries

KEY INFORMATION

  • CNP Assurances has chosen to measure its solvency in a transparent manner by applying, as from 1 January 2016, the Standard Formula recommended by the insurance supervisor, without measuring any equivalent capital requirement and without applying any transitional measures except for the grandfathering of subordinated debt
  • The Group and all of its subsidiaries enjoy a comfortable solvency position, as evidenced by their SCR coverage ratios, despite last year's low interest rates in Europe
  • At 31 December 2017, the Group had €26.1 billion of eligible own funds for SCR calculations, of which 81% consists of Tier 1 capital. In addition, the main subsidiaries have a further €3.3 billion of surplus own funds that are not recognised by the supervisor at Group level
  • The group SCR amounted to €13.7 billion at 31 December 2017, of which 54% for market risks and 34% for underwriting risks
  • Risk diversification benefits amounted to €5.4 billion or 26% of the SCR, reflecting the Group’s excellent diversification in terms of both geographic markets (Europe and Latin America) and product markets (savings/pensions and personal risk/protection)
  • The group SCR coverage ratio stood at 190% at 31 December 2017
  • The Company's solo SCR coverage ratio at the same date was 201%

SFCR group

SFCR solo